Colts Will Release Peyton Manning, Making Him A Free Agent, ESPN Says

ESPN is reporting that sources close to the NFL's Indianapolis Colts say the team is going to let star quarterback Peyton Manning become a free agent.

An announcement is due Wednesday, the network adds.

Manning, who has spent his entire 14-year career with the Colts and is a lock to be a hall of famer, "missed the entire 2011 season after having his third neck surgery in 19 months, a fusion of two vertebrae," as ESPN writes.

If the Colts keep him, they would have owed him a $28 million bonus. Instead, because the team has the first pick in the NFL draft, the Colts are expected to choose Stanford star Andrew Luck to be their quarterback of the future.

As a free agent, Manning will be able to shop himself to other teams. Among those who may be interested: the Washington Redskins, New York Jets and Miami Dolphins.